The idea is that they will not all burn down at the same time, so $1M of coverage is sufficient for $2M worth of property.Some landlords choose ACV (actual cash value) policies in order to save money. 

I doubt there is a sufficient insurable interest in title under a PM agreement and their professional relationship and activities would not be covered as that falls under professional liability coverage, not a casualty policy.

Furthermore, the Internal Revenue Service has also taken the position that if the replacement property is sold immediately after your 1031 Exchange transaction is completed then it was not held for a sufficient period of time to qualify for 1031 Exchange treatment.Little Definitive Authority on Holding PeriodWhile there is no actual holding rules or regulations and very little definitive authority on a holding period, in one private letter ruling the Internal Revenue Service has stated that a minimum holding period of two (2) years would be sufficient to meet the Qualified Use Test, and a number of court decisions have also taken the same position (although they have been somewhat more liberal than the Department of the Treasury and the Internal Revenue Service).Intent to Hold is Important FactorThe period of time that you hold title to the property, although important, is not the only factor the Internal Revenue Service will use to determine whether you had the intent to hold the property for investment and therefore qualify for 1031 Exchange treatment.

Downtime is expensive ($2-5/minute) and it's hard for a builder to charge a client for that time even though it is 100% the clients responsibility (client ordered materials > Materials were not sufficient > client pays for downtime).

I learned how to build and manage a team such that my Airbnb was pretty self sufficient and booked a year out on average.

I am also fortunate to have a good income to support mortgage payments even if there were not tenants (which in my area is extremely low probability) and if I could not, I could sell quickly in a market with high liquidity and sufficient equity.

I want to stick to the Raleigh-Durham area because I have a friend down in Durham that can be my eyes/ears in the area, and it is an easy flight from Boston.Sorry for the long post, but I wanted to give sufficient context.

Exclusions Because of Prior Conviction In most instances, a record of conviction (as opposed to an arrest) will serve as sufficient evidence to prove that an individual engaged in criminal conduct.

C.I.R. 35 T.C. 90 (1960)).In Private Letter Ruling 8429039 (1984), the IRS stated that a holding period of two years would be a sufficient period of time for the property to be considered held for investment.

As @Hal Thompson warned, be sure you allocate sufficient reserves when calculating expected returns.